Arun Jaitley: India is the bright spot in global economy

Finance Minister of India, Mr. Arun Jaitley appeared in the launch of “Skill India” Mission on Wednesday termed India as a “bright spot” among the global economy because of the rejuvenation of the manufacturing sector with the aid of “Make-in-India” initiative. Mr. Jaitley also stated that even in the humble growth of the global economy India stands out. Not just through the manufacturing sector but also because of the service sector which has promising growth of double digits.

With the launch of the make-In-India initiative a few months ago the manufacturing sector has started showing growth and revival which was almost flat at one point.

This will be further supported by the surplus manpower in India and turning the same into useful resources through training. Mr. Jaitley makes the point that the new Indian government that provides a stable and transparent policy regime will help India to attract more foreign investments.

The government plans to make eight percent growth this year which in the current global economy looks pretty impressive. Mr. Jaitley who recently visited New York and Washington to meet investors and explain to them the reforms Modi-government has brought in India in the last year also said that these meetings were particularly important so as to understand how investors perceive India, specifically so that the government can thrive to reach the expected and boost the Indian economy.

Mr. Jaitley also talked about the tax reforms that the government is making like reduction of direct tax rates to 25 percent and the goods and service tax regime which is also one of the most important tax reforms in the current past, subsidy rationalization and using the DBT system is critical, straightforwardness in governments working especially in the regions of natural resources has brought imperative results. He said that the economy has reached macro-economic stability.

He also mentioned that with the interest rates down and inflation under control, reform programs implemented, and infrastructure investment improves, hopefully, the economy will achieve its target growth. He trusts that the make-in-India initiative with the Skill India Mission will bring a prosperous future. Mr. Jaitley also added that the interaction he had with the investors and the outreach was of immense importance to continue making reforms and to continue making India the “bright spot.”